In today’s unpredictable economic climate, many are finding their once-solid financial strategy is starting to unravel. Fluctuating costs, multi-market volatility, and economic uncertainty are all placing a strain not only on returns, but on relationships. For those who are partners in property, shares, or any form of financial growth as well as life partners, these stresses are amplified.

When your financial strategy is threatened by instability it’s common to feel anxious about your wealth creation plan and future. And if you have a different view on the best approach and are struggling to come to an agreed direction, your relationship could be in danger of breaking down or may magnify issues.

Partnership will not always agree, especially when dealing with financial changes. What’s important is how you manage these differences to come to a mutual agreement for a way forward. At the same time, you both need to weigh up the pros and cons of having a difference of opinion. Will it impact future financial security, or the timeline to move on to another project, or is it about adding dividends to your investment portfolio?

Key strategies

Show respect and avoid criticism: Understanding and respecting your partner is essential in any partnership and business. It’s important to avoid slipping into criticism over each other’s preferred path. Instead, focus on constructive dialogue and work towards a solution that respects both viewpoints.

Managing negative feelings: Focusing on the negative will only drain energy and distract you both from your goals. Avoid over-analysing each situation as this does not encourage a positive approach. Remember, focusing on what hasn’t worked prevents you both from being able to move forward ... use it as a learning tool.

Develop and revisit your strategy together: Your financial strategy should be a joint effort which is reviewed regularly, and with as little emotion as possible. Discuss motivations and expectations clearly and know what the goals are and why, so you remain aligned.

Plan for change and adaptability: The last few years have taught us that economic conditions can change rapidly, and any financial strategy needs to be adaptable. Together you both need to review expectations around returns and be ready to adapt. Consider the pros and cons of each viewpoint and how they will affect your financial strategy. Aim for a compromise or look for the middle ground that allows you to move forward together.

Schedule financial discussions: Set specific times to talk about your strategy. This prevents discussions from intruding into every aspect of your relationship and life; and when you do come together you will be ready to discuss without feeling blindsided. When you do come together, agree on the forward path and then leave the discussion until next time.

Tips for a strong partnership

Regular communication: Keep the lines of communication open and transparent. Regular discussions about financial goals will build trust and security within your relationship.

Set clear goals: Define what you want to achieve financially in the short and long term. Shared goals help maintain focus and motivation, even during challenging times.

Seek professional advice: If managing your finances or resolving disagreements becomes difficult, consider consulting a financial planner or a relationship coach. External advice can offer valuable perspectives and solutions.

Maintain emotional support: Financial uncertainty can impact emotional well-being. Support each other emotionally and acknowledge that feeling stressed or anxious is normal during uncertain times.

Economic uncertainty shouldn’t undermine your relationship or your financial aspirations. By maintaining respect, open communication, and being willing to adapt and/or compromise, you can face this challenging time together and at the same time become stronger.

Remember, your relationship is a partnership, and your financial decisions should reflect a balance that considers both viewpoints and shared goals. Stay focused on the bigger picture.

Bridgette Jackson is a CDC-certified Divorce/Separation Coach with a post-graduate dispute resolution qualification.  She is also a trained divorce mediator (AIMNZ) Relationship Coach (Institute for Life Coach Training) and member of the Institute of Executive Coaching and Leadership (accredited by the International Coaching Federation).